An oil and gas expert and Managing Partner, BBH Consulting, Barr. Ameh Madaki had said the federal government should stop depressing Nigerians with its
He urged that the authorities should concentrate on blocking loopholes facilitating the loss.
“We hear of these excessive losses every day, which end up in private bank accounts at the expense of the country. Let the regulators stop depressing Nigerians with such insane statistics. Let them play their roles as true regulators by blocking the loopholes which aid and facilitate such grand theft”, he stated.
Recall that Nigerian Upstream Petroleum Regulatory Commission, NUPRC, had said the country had lost $12.6 billion, representing 120 million barrels of crude oil in production from January to September 2022 amidst a revenue crisis. DAILY POST learnt that NUPRC attributed the crude oil production loss to the challenges of infrastructure, pipeline leaks and oil theft.
In perspective, the said $12.6 billion loss from oil production would have taken care of the N10.7 trillion in Nigeria’s 2023 budget deficit.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Farm or die hungry, stop complaining - Buhari to NigeriansPresident Muhammadu Buhari has said Nigerians should farm what they eat or die hungry. Buhari said Nigerians have no reason to complain of hunger. He
Read more »
Smart cities will boost outdoor advertising industry - ExpertThe Chief Executive Officer, Nimbus Media Ltd, Wale Adegoke, has said smart city adoption will boost the growth of the nation’s outdoor advertising industry.
Read more »
2023: Korean Ambassador Sets Agenda For NigeriansAmbassador of South Korea to Nigeria, Mr Kim Young-chae has urged Nigerians to exercise their rights to vote judiciously in 2023 general election.
Read more »
Black Panther: Burnaboy, Tems, Rema, other Nigerians dominate 'Wakanda Forever' albumIn addition to the already-released Rihanna single “Lift Me”, co-written by Tems, the soundtrack features Nigerian artists Burna Boy...
Read more »